Many people believe estate planning is a concern only for the elderly, but no life is certain. However, unless you die with a will or some other formal type of estate plan, state law - not you - dictates who will receive your assets. If you want to protect your assets from unnecessary taxation and ensure those assets are distributed the way you feel appropriate, you should address this important issue - even if your senior years are well in the future.
- Changes in your family due to health issues, death, birth, divorce, adoption, change in state residency and even minors attaining adulthood.
- Changes in the personal circumstances of those to whom you wish to leave bequests.
- Changes in charitable organizations you mention in your plans.
- The expansion, contraction, or change in the nature of your estate and assets.
- Changes in the ability of your nominated personal representative and/or trustee to handle the responsibilities of those positions.
- Changes in death tax laws, both state and federal, which will affect your estate.
- Trust (if applicable)
- Power of Attorney
- Healthcare Proxy (if applicable)
- Beneficiary designation forms for Retirement Accounts & IRAs
- Life insurance policies and the beneficiary designations